Core Points - Jiangsu Hengrui Medicine Co., Ltd. announced a cash dividend of 0.2 RMB per share for its A shares, approved at the 2024 annual shareholders' meeting on April 28, 2025 [1][2] - The record date for the dividend distribution is May 22, 2025, with the ex-dividend date and cash dividend payment date both set for May 23, 2025 [1][2] - The total share capital participating in the distribution is 6,370,650,964 shares after excluding 8,351,310 shares held in the company's repurchase account [2] Dividend Distribution Details - The cash dividend distribution will be executed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, with shareholders able to receive their dividends on the payment date if they have completed designated transactions [2][4] - The reference price for the ex-dividend date is calculated as the previous closing price minus the cash dividend, with no change in the number of circulating shares [2] - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, while those holding for less than one year will have taxes calculated upon the sale of shares [4][5] Tax Implications - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld from the cash dividend, resulting in a net distribution of 0.18 RMB per share for Hong Kong Stock Exchange investors [5] - Other institutional investors are responsible for their own tax payments, with a gross cash dividend of 0.2 RMB per share [5]

国浩律师（南京）事务所 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 89660966 关 于 江苏恒瑞医药股份有限公司 差异化分红事项的 法律意见书 网址/Website: http://www.grandall.com.cn 二〇二五年五月 国浩律师（南京）事务所 关于江苏恒瑞医药股份有限公司 差异化分红事项的 法律意见书 致：江苏恒瑞医药股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受江苏恒瑞医药股份有限 公司（以下简称"恒瑞医药"或"公司"）的委托，根据《中华人民共和国公司 法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司股份回购规则》（以下简称"《回购规则》"）《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《第 7 号指 引》"）及《上海证券交易所股票上市规则》（以下简称"《上市规则》"）等 法律、法规和规范性文件以及《江苏恒瑞医药股份有限公司章程》 司章程》"）的规定，就公司 2024 年度利润分配 ...

国浩律师（南京）事务所 关 于 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 89660966 网址/Website: http://www.grandall.com.cn 二〇二五年五月 国浩律师（南京）事务所 关于江苏恒瑞医药股份有限公司 差异化分红事项的 法律意见书 江苏恒瑞医药股份有限公司 差异化分红事项的 致：江苏恒瑞医药股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受江苏恒瑞医药股份有限 公司（以下简称"恒瑞医药"或"公司"）的委托，根据《中华人民共和国公司 法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司股份回购规则》（以下简称"《回购规则》"）《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《第 7 号指 引》"）及《上海证券交易所股票上市规则》（以下简称" ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-080 江苏恒瑞医药股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.2元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/22 | － | 2025/5/23 | 2025/5/23 | 差异化分红送转： 是 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 28 日的2024年年度股东会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology industry, suggesting it is at a turning point for profit improvement and has high allocation value [3][4]. Core Insights - The pharmaceutical sector is showing signs of recovery after three years of declining profitability, with a notable increase in net profit margin by 0.3% in Q1 2025 compared to the previous year [3][5]. - Key sub-sectors such as CXO, innovative drugs, biological products, private hospitals, and medical consumables have demonstrated strong performance in Q1 2025, with several leading companies exceeding expectations [3][4]. - The report recommends focusing on sub-sectors and companies with clear upward trends in performance, including innovative drugs and CXO services [3][4]. Overall Performance of the Sector - In 2024, 473 A-share pharmaceutical companies achieved total revenue of 24,588 billion yuan, a year-on-year decrease of 0.9%, and a net profit of 1,412 billion yuan, down 12.1% [3][5]. - For Q1 2025, the sector reported revenue of 6,104 billion yuan, a decline of 4.2% year-on-year, with net profit at 487 billion yuan, down 8.7% [3][5]. Sub-sector Performance - The CXO sector has shown a turnaround since Q4 2024, with Q1 2025 revenue of 225 billion yuan, reflecting an 11.6% year-on-year increase, and net profit of 50 billion yuan, up 72.8% [3][23]. - The innovative drug sector continues to grow rapidly, with leading companies like Heng Rui Medicine and Bai Jie Shen Zhou performing above expectations [3][18]. - The hospital sector is beginning to show signs of recovery, with Q1 2025 revenue of 144 billion yuan, a year-on-year increase of 4.9%, and net profit of 11 billion yuan, up 19.2% [3][28]. Investment Analysis - The report emphasizes the importance of investing in sectors and companies that are showing clear signs of upward trends, particularly in innovative drugs and CXO services [3][4]. - Specific companies recommended for investment include Heng Rui Medicine, Bai Jie Shen Zhou, and Wu Xi AppTec in the innovative drug and CXO sectors [3][4].

Core Insights - The Lianyungang Development Zone signed 8 industrial projects with a total planned investment of 14.7 billion yuan during the Yangtze River Delta (Hangzhou) Economic and Trade Cooperation Exchange Conference [1][3] - The development zone aims to provide comprehensive support for enterprises throughout the project lifecycle, emphasizing a "no disturbance" approach while ensuring responsiveness to business needs [1][3] Group 1: Economic Growth and Development Strategy - Lianyungang Development Zone has maintained a GDP growth rate of over 10% for two consecutive years, indicating strong economic momentum [3] - The zone focuses on "industrial innovation to consolidate advantages" and has implemented a series of preferential policies, including the "Ten Innovation Policies" [3] - Key industries include pharmaceuticals, carbon fiber, and wind power equipment, with the establishment of major production bases for anti-tumor and anti-hepatitis drugs [3] Group 2: Project Signings and Industry Focus - The signed projects span various sectors, including traditional Chinese medicine, automotive supply chain, machinery manufacturing, hydrogen fuel cells, and commercial complexes [5] - Two bulk trade projects were signed with an annual trade volume of 4 billion yuan, along with a cross-border e-commerce project and a foreign trade project with an annual trade volume of 12 million USD [5] - The development zone is committed to supporting the hydrogen energy industry, with plans for an intelligent and large-scale hydrogen fuel cell production base [5] Group 3: Infrastructure and Ecosystem Development - The development zone has invested in high-quality healthcare and education facilities, including the best tertiary hospital and top primary and secondary schools in the city [3] - A comprehensive ecosystem integrating industry, education, research, healthcare, and living spaces is being constructed to attract talent and support enterprise innovation [3] - The development zone aims to create a favorable business environment by implementing integrated reforms and maintaining a clear relationship between government and business [5]

和谈超预期是事实，这从本周A股、美股的上涨，A债、黄金的下跌中，可见一斑。 伙伴们，大家好，这周前面四天没更新，大家催更的私信等，就不一一回复了，感谢大家的惦念 ，借用一图，略表此刻的心情。 本公众号会继续为大家，每日用大白话解读一下金融市场的时事，尽可能剥开底层的逻辑，这些 初心都不会变。 ...... 这周，从中美贸易和谈超预期开始，又有周三银行股一度飙涨的戏码，显然算是很刺激的一周， 我积 累了一些想聊且有意义的话题 ，正好趁今天，把本周的重要事件，总结为8条，和大家简单展开一下。 1、短期来看，中美和谈超预期，但到今天为止，对利好交易的差不多了。 高血压的那边 ，虽然4月的CPI和PPI数据，都没有显示通胀进一步走高的态势，但是市场普遍判断，是 因为此前的库存发挥了作用，而昨晚 沃尔玛 发布最新一季财报后，也明确表示，这个月就要开始提 价，即使是30%的关税，也很可能导致部分商品，有两位数以上的涨价——以沃尔玛在美国的零售市场 占比看，这是一个很明确的微观信号。 另外， 鲍师傅 昨天也出来表示，货币政策的框架可能会优化，说的很绕，其实我总结一下就是，后续 多看少动，即使通胀起来了，也不会阶段性打压，表 ...

-0.03(-0.56%) -0.09(-1.18%) -0.04(-1.00%) 保险 中国太保 7.0 中国人保 中国平安 ■ 3630.79亿市值 3216.08亿市值 9722.44亿市值 12.09亿成交额 24.99亿成交额 11.96亿成交额 53.39 8.21 33.43 -0.61(-1.79%) -0.86(-1.59%) -0.07(-0.85%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20276.67亿市值 2500.93亿市值 5088.01亿市值 22.89亿成交额 37.15亿成交额 6.49亿成交额 131.08 205.00 1614.13 -17.88(-1.10%) -4.50(-2.15%) -2.59(-1.94%) 半导体 XD海光信 北方华创 寒武纪-U HYGON 3218.98亿市值 2289.48亿市值 2788.61亿市值 10.79亿成交额 24.03亿成交额 18.85亿成交额 428.60 668.00 138.49 -0.30(-0.07%) -9.00(-1.33%) -3.45(-2.43%) 汽车整车 铁路公路 比亚进 长城汽车 京沪高铁 ...

Group 1 - Lingyun Optics' actual controller promises not to reduce shareholdings for 12 months starting from July 7, 2025 [1] - Chengdi Xiangjiang's subsidiary signed a contract with China Mobile for a data center project worth 1.632 billion yuan, with a 92-day construction period starting April 30, 2025 [1] - Dingyang Technology launched a high-end arbitrary waveform generator with a maximum output frequency of 5 GHz, catering to communication, industrial, and research testing needs [2][3] Group 2 - Heng Rui Medicine completed a share repurchase plan, buying back 12.9051 million shares for 601 million yuan, representing 0.20% of total shares [4][5] - ST Xiangxue received approval for clinical trials of TAEST1901 injection for treating advanced gastric cancer [5] - Yuyue Medical's subsidiary received EU MDR certification for its AED product, valid until May 11, 2030 [6][7] Group 3 - HNA Holding reported a 10.33% year-on-year increase in passenger revenue kilometers for April [8] - Springhui Zhikong's subsidiary terminated its listing on the National Equities Exchange and Quotations [9] - Delin Hai's shareholder plans to reduce holdings by up to 3%, equating to 3.39 million shares [10] Group 4 - Weiye Co. announced that two shareholders plan to reduce their holdings by up to 2% [12] - Green Alliance Technology's major shareholder intends to reduce holdings by up to 3% [14] - Luzhou Development Group increased its stake in Luzhou Tianhua by 1.02%, acquiring 15.9557 million shares [16] Group 5 - Hualan Pharmaceutical's subsidiary plans to acquire a 42.82% stake in Sanjing Qianhe for 23.446 million yuan [17] - Ganfeng Lithium's directors and executives plan to invest 30.8 million yuan in Shenzhen Yichu [19] - Zhonghong Medical's subsidiary is expected to be selected for a centralized procurement project [20] Group 6 - Jinkai Biotechnology's Blue Zone Fund plans to reduce holdings by up to 3% [21] - Hangxin Technology's former controlling shareholder intends to reduce holdings by up to 3% [22] - Galaxy Magnet's director plans to reduce holdings by up to 0.79% [23] Group 7 - Zhuoyue Technology's controlling shareholder's shares will be auctioned due to judicial proceedings [24] - Xinwufeng is forming a joint venture with France's Coplison Group with a registered capital of 80 million yuan [25] - Zhongcheng Co. is planning to issue shares to acquire 100% of a clean energy company, leading to a temporary stock suspension [26][27]

Core Viewpoint - The pharmaceutical sector is experiencing moderate revenue growth and enhanced profit elasticity in 2024, driven by a stabilizing policy environment and internal structural optimization [1][5]. Revenue and Profit Performance - In 2024, 89 listed companies achieved total revenue of 391.7 billion yuan, a slight increase of 1% year-on-year; net profit attributable to shareholders reached 42.4 billion yuan, with a growth rate of 8.2% [1]. - Quarterly revenue growth rates for 2024 were 1.6%, 2.7%, 3.3%, and -0.3%, while net profit growth remained between 4.8% and 13%, peaking at 13% in Q2 [1]. - In Q1 2025, revenue declined by 3.1% to 96.62 billion yuan, and net profit slightly decreased by 1.1% to 12.56 billion yuan, indicating short-term market demand fluctuations [1]. Profitability Indicators - The sector's gross margin increased by 0.6 percentage points to 55%, and net margin rose by 0.8 percentage points to 12% in 2024 [2]. - The sales expense ratio decreased by 1 percentage point to 40%, with the most significant reduction occurring in Q2, contributing to improved profitability [2]. - In Q1 2025, gross margin further increased to 55.1%, and net profit margin reached a record high of 13% [2]. Market Competition Landscape - The industry is witnessing a significant increase in concentration, with the top 20 companies contributing 293.1 billion yuan, accounting for approximately 75% of total revenue in 2024 [2][3]. - The top 10 companies generated 226.5 billion yuan, representing 58% of the sector's revenue, with major players like Huadong Medicine, Fosun Pharma, and Heng Rui Medicine each exceeding 30 billion yuan in revenue [2]. Innovation Drug Sector - The innovative drug sub-sector is a key growth driver, with 57 A-share innovative drug companies generating 309.7 billion yuan in revenue, a year-on-year increase of 9.4%, and net profit rising by 65.1% [3]. - Heng Rui Medicine led with over 8 billion yuan in net profit, while BeiGene's sales of Zepzelca exceeded 5 billion yuan in overseas markets [3]. R&D Investment Trends - In 2024, R&D expenditures in the innovative drug sector totaled 54.1 billion yuan, a 5.2% increase, but the R&D expense ratio decreased to 17.5% [4]. - In Q1 2025, the innovative drug sector saw a slight revenue decline of 0.3% to 68.09 billion yuan, while net profit grew by 5.4% to 7.96 billion yuan [4]. Overall Industry Outlook - The pharmaceutical sector is characterized by improved profit quality and differentiated growth momentum amid a complex environment of policy stabilization and intensified market competition [5]. - Companies with strong R&D capabilities, cost control advantages, and international perspectives are expected to thrive, while those relying on traditional generics may face greater challenges [5].